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Mark Yusko, the Founder, CEO, and CIO of Morgan Creek Capital Management LLC, a leading investment management firm, recently shared his bullish sentiments about the future of Bitcoin. In an interview with Kitco News Host and General Director Michelle Makori, Yusko, drawing from his extensive experience in the finance sector, identified two main catalysts that he believes could drive Bitcoin’s price up by as much as 410%.
Two Critical Catalysts for Bitcoin!
The first catalyst revolves around the increasing adoption of Bitcoin by institutional investors. Yusko stated that as more institutional players enter the cryptocurrency space, the demand for Bitcoin will naturally increase, driving its price up. He likened this to the early days of the internet when initial skepticism eventually gave way to widespread acceptance and usage.
According to Yusko, the second catalyst is Bitcoin’s potential to become a global reserve asset. He believes that as countries continue to grapple with economic challenges, there will be a transition towards decentralized digital assets like Bitcoin. This shift will be driven by its natural attributes, such as its limited supply and decentralized nature, which make it an attractive alternative to traditional fiat currencies. Yusko’s latest predictions align with his previous bullish stance on Bitcoin. During an appearance on the Wolf of All Streets podcast in July 2023, he forecasted that Bitcoin could potentially reach a market value similar to that of gold. According to the expert, this would require Bitcoin to reach a price of $300,000, representing an 887% increase from the stated period.
Ambitious Price Target for BTC!
Drawing a parallel between Bitcoin and gold, Yusko argued that Bitcoin has various advantages over the precious metal, especially in terms of portability and transferability. He humorously pointed out that breaking a gold bar to share or trying to send it through a computer is not practical. Yusko stated:
The superiority of Bitcoin as a store of value is evident. Attaining a market value equivalent to gold is not only reasonable but also logical.
Delving into the numbers, Yusko emphasized that the market value of gold is approximately $12 trillion. However, only half of this amount is used as a monetary base, with the rest being used for jewelry and other non-monetary purposes. This brings the effective monetary base of gold to around $6 trillion. According to the expert, if Bitcoin were to match this, it would represent a tenfold increase from its current price, leading to the $300,000 target. Yusko concluded his statements by saying:
Whether it’s tomorrow or in the distant future, the $300,000 target for Bitcoin is inevitable.
